Drawing from biology, sustainability means “survival of the fittest,” businesses that can evolve in line with the ecosystem’s natural trajectory will live on while those who fail will cease to exist. Business survival requires building the agility to effectively evolve, continuously capture value, and grow. This study is to examine the agility of current bio-based business models using a framework derived from the basic premise of effective business model evolution in order to identify bio-based business model innovation opportunities. To ensure proper examination, this article focuses on two bio-based businesses, which are Styrax Benzoin and Pongamia Pinnata. Using the prescribed business model agility lens, the method of analysis consists of examining the Styrax business model and the Pongamia business model. Analysis found that current practices of producing styrax benzoin resins remain unchanged, which indicates the pressing need for developing an innovative business model and building agility. Although still in the development stage, the Pongamia case offers an alternative solution with the cultivation of Pongamia seeds as the backbone for the bio-energy business model. Overall, embedding sustainability principles in formulating the bio-based business model is pertinent for ensuring agility. The agility analyses resulted in the identified prerequisites for the formulation and execution of bio-based business model innovations, namely, human capital, governance, and sustainability principles. Future studies using the agility framework allows for the development of business model standards aimed at improving quality, increasing quantity, and overall maximizing value of bio-based products.